Egypt's BoP recorded an overall surplus of USD1.9 billion in FY2020/21, compared to a deficit of USD8.6 billion last FY

Current account deficit surged to USD18.4 billion, up from USD11.2 billion (+64% YoY)

Trade deficit widened from USD36.5 billion in FY2019/20 (+15% YoY)

Tourism revenues recorded USD4.9 billion in FY2020/21

Net FDI recorded USD5.2 billion in FY2020/21 

Remittances hit USD31.2 billion in FY2020/21

Foreign portfolio investments saw a net inflow of USD18.7 billion in FY2020/21

Egypt external debt jumped to USD137.8 billion in June 2021 (+11.6% YoY increase)

Egypt's inclusion in JPMorgan’s emerging-market sovereign bond index could inject a total of USD1 billion into government treasuries

El Sisi has called for a modernized, digitized ration card program (e-finance)

Today is the last day of the e-finance retail subscription period.

We upgrade our valuation for EKHO to USD2.03/share (up from USD1.61/share) or EGP31.95/share (up from EGP25.34; EKHO is trading at 2021e P/E of 8.6x and 2022f P/E of 7.7x

Brent hits a three-year high with Brent futures at USD84.80/bbl (AMOC)

Aluminum prices hit a record USD3,171/tonne (EGAL)

OCDI signed a EGP1.57 billion long-term facility 

Land prices in touristic destinations range from USD54/sqm to USD60/sqm; ElGouna prices at c.USD160/sqm

Russia will lift Covid restrictions on flights to Sharm El Sheikh and Hurghada starting 9 November

ETRS decided not to proceed with the offer made by H.A Utilities Holding 

ETRS BoD agreed on a new land purchase for the establishment a new subsidiary for cars storage in El Ain El Sokhna, with paid in capital at USD1 ; ETRS is currently trading at an annualized 2021 P/E of 32.9x

The House of Representatives looking at new legislation to give local auto manufacturers more incentives and tax and custom exemptions (AUTO)

EXPA witnessed a reduction in NPL ratio from 6.8% to a current 2.5%

COMI is studying to manage a bond securitization worth EGP600 million 

Suez Canal Bank agreed to grant EGP400 million of financing 

Health Ministry raised the cost of obtaining a QR-coded vaccine certificate for travel purposes

Egypt received another 1.6 mn Pfizer vaccines doses.

Egypt’s production of wheat increased by 6.2%, recording 9.1 million tons during 2019/2020